The Chicago Bears have worked for two years to start their new stadium project. Initial plans involved building in Arlington Heights after purchasing a massive 326-acre lot. However, property tax issues led to a stalemate that compelled team president Kevin Warren to look for alternatives. He became enamored with the idea of building a state-of-the-art facility downtown on the museum campus south of Soldier Fields, keeping the Bears on the lakefront. The presentation was impressive. Unfortunately, there was one glaring issue.
Funding.
While the Bears were committed to paying around 72% of the necessary bill for construction with help from the NFL, there was one problem. They still needed an estimated $900 million in public money to close the gap, which proved to be a non-starter for Illinois governor J.B. Pritzker. He made it clear from the outset that unless the Bears drastically altered their proposal, there was no way he would sign off on giving the organization any help from taxpayers. Warren has tried several inroads to start a discussion, but nothing has worked. However, Brad Biggs of the Chicago Tribune has revealed they may now have a loophole.
“The NFL voted in August to allow private equity funds to buy up to a 10% stake in teams, and some folks I have spoken to over the last few months believe that could be a stepping stone for the Bears to get the funding required for a stadium project — especially in light of the cold responses they’ve received in a bid for public funding.
No one expected the Bears to make the first move, and now two other teams have. The Buffalo Bills and Miami Dolphins were granted approval to sell stakes to private equity investors at a league meeting Wednesday in Irving, Texas.”
There is likely no shortage of people who would love the chance to buy into the organization. Were the Bears to sell enough shares, they could raise the necessary $900 million in remaining money they need, bypassing the public option completely. Or they could use private equity to cut the bill in half. Maybe Pritzker would be more open to covering a $400-450 million bill, which would be a significantly lesser burden on state citizens. Thus far, it appears the organization is reluctant to pursue this alternative.
However, Warren did say he’s looking into it. As 2025 draws closer, his timeline to get shovels in the ground is reaching a point of no return. Two options appear on the table for the Chicago Bears. Either they use this method to secure the funding needed for a downtown stadium, or they pivot back to Arlington Heights, which recently settled the property tax issue. Betting experts would likely lean towards the latter. Still, if Warren is determined to see a downtown stadium through, the private equity route might be his lifeline.
